Indexable cutting inserts for cutting tools include, for example, cutting inserts made of carbide, ceramic, coated carbide, coated ceramic, or other hard materials. Cutting inserts generally have a unitary structure and one or more cutting edges located at various corners or around peripheral edges of the inserts. Indexable cutting inserts are mechanically secured to a tool holder, but the inserts are adjustable and removable in relation to the tool holder. Indexable cutting inserts may be readily re-positioned (i.e., indexed) to present a new cutting edge to engage a workpiece, or indexable cutting inserts may be replaced in a tool holder when the cutting edges dull or fracture, for example. In this manner, indexable insert cutting tools are modular cutting tool assemblies that include at least one cutting insert and a tool holder.
Indexable insert cutting tool systems comprising a tool holder and one or more replaceable and/or indexable cutting inserts are generally more economical than unitary cutting tools. This is so because indexable insert cutting tool systems allow for the indexing and replacement of worn and/or damaged cutting edges/surfaces, whereas unitary cutting tools require scrapping the entire cutting tool when worn out or damaged. However, in indexable cutting tool systems, cutting inserts having different inscribed circle diameters generally require different insert pockets and, therefore, different tool holders, because of the differences in the sizes of the cutting inserts. Likewise, cutting inserts having the same inscribed circle diameter but different cutting clearance angles generally require different insert pockets and, therefore, different tool holders, because of the differences in the contour of the clearance (i.e., flank) surface of the cutting inserts. This increases the cost and complexity of cutting tool systems because multiple tool holders are required to accommodate cutting inserts having different inscribed circle diameters and/or cutting clearance angles.